Henry Boot Developments appointed preferred developer for Manchester's 'Island Site'
Henry Boot Developments has been appointed by Greater Manchester Property Venture Fund (GMPVF) as preferred development partner to bring forward the development opportunity known as The Island Site in Manchester city centre as part of a joint venture.
Located on John Dalton Street, the Island Site currently comprises three adjoining buildings; Grange House, Old Colony House and Ridgefield. The buildings are currently home to a range of office, retail and leisure operators including Salvi’s and Grill on the Alley.
An important regeneration project, the Island Site is located close to both Spinningfields and St Peter’s Square at the heart of Manchester city centre.
The appointment further expands Henry Boot Developments’ portfolio in Manchester’s city core, which includes The Silk Works in Spinningfields, The Courthouse on Deansgate, the Equitable Building on St Anne’s Square and Kampus, its £250million joint venture with Capital & Centric.
Cllr Kieran Quinn, Chair Greater Manchester Pension Fund, said: “We are very pleased to appoint Henry Boot Developments as our joint venture partner for the “Island Site”, and look forward to creating a landmark development that befits the prominent location in the hub of the City Centre.
"The development undertaken by GMPVF has the twin aims of generating a commercial return for the Fund and supporting the wider economy of the North West, in this way we are able to meet our future pension obligations and invest locally the pension contributions received in the main from employees in Greater Manchester.
"This development follows on from the successful development and sale last year of 1 St Peters Square, and the on-going construction of the 170,000 sq ft office building at 8 First Street.”
Adam Brady, Director and head of Henry Boot Developments’ Manchester office, said: “2017 has been a strong year for Henry Boot, during which our Manchester development business has continued to expand its portfolio - this latest appointment really underlines our commitment to the city, which remains one of the key target areas for our ongoing investment strategy during the coming years.
“Given its scale and location at the heart of Manchester city centre, the Island Site is an important regeneration project and has huge potential – we look forward to working alongside GMPVF to bring forward the redevelopment of the site, with some exciting plans in the pipeline.”
GVA handled the developer selection process for the Island Site as retained advisor to GMPVF. GVA provides development, investment, management, and leasing advice across GMPVF’s existing portfolio, as well as sourcing new opportunities.
2017 has been a successful year for Henry Boot Developments, with several landmark projects underway throughout the UK, including the new Aberdeen Exhibition and Conference Centre, Markham Vale in Derbyshire, The Chocolate Works in York and the Imperial Tobacco site in Nottingham.